Occidental Petroleum reported second-quarter 2026 adjusted earnings of $2.40 per share and announced a strategic plan to generate $4 billion in annual sustainable cash flow by 2030. The company's net sales reached $8.1 billion, driven by $6.9 billion in oil and gas sales and $1.3 billion from midstream and marketing, while free cash flow hit $3.0 billion, the highest quarterly level since the third quarter of 2022. Global production averaged 1.433 million barrels of oil equivalent per day, exceeding the high end of management guidance by 23,000 barrels per day, with Permian production at 804,000 barrels per day and Gulf of America production at 144,000 barrels per day. Principal debt was reduced by $1.5 billion to $11.8 billion, and the Board approved an 8% increase in the quarterly dividend to $0.28 per share. Management stated that approximately 85% of the planned cash flow improvements are expected to be achievable even at lower commodity prices, and the company maintained its full-year capital guidance of $5.5 billion to $5.9 billion.
Occidental Petroleum CorporationStrong Q2 earnings, record free cash flow, debt reduction, and dividend increase.
